A new year is approaching us quickly and the last thing you want to do is go into debt buying Christmas presents and start your new year off on the wrong foot. But so many people do exactly that, spending half of next year paying for Christmas from the year before. Others dig into their hard-earned savings at Christmas time, trying to impress the recipients of their gifts. Did you know 7 in 10 Americans say they overspend during the holiday season? According to a survey, 70% of Americans overspend during this season.
The Rules of Thumb blog from MoneyThumb wants you to know you don't have to break the bank to have a great Christmas in 2021. Below we have listed several alternatives to getting into debt or spending your hard-earned savings and still have a wonderful Christmas:
Budget for the Holidays
If you do not want to overspend money this holiday season, create a budget and follow it. You have to make sure that you budget your Christmas shopping spending. December is the biggest shopping season in this country. People shop! Having a budget will allow you to view where your hard-earned money is going and keep you from overspending cash on things you don’t need.
Look at The Sales Ads
Black Friday is not going to be the same. As you already know, people will buy online and avoid the chaos of shopping in-store. Since 2020 changed the way we shop during the holiday, sales have started earlier than Thanksgiving. As a result, shopping will begin early, and finding the best deals will reduce your overspending.
We are seeing an early start to the holiday shopping season in mid-October. A survey found that 2 in 10 people will start to shop early.
Shop With a List
Yes, a shopping list to go with you every time you go shopping, even online shopping! Now that you have seen the sales from looking at ads, make your list, create your budget, and head to the store.
Only shop the items that are on your list and nothing more.
This will prevent you from making an impulse buy. What happens when you purchase something that is not on your list? You overspend.
Delete all Advertising Emails
This might sound harsh to some of us, but you must hit the unsubscribe button on your favorite deal emails today. Don’t open them and give in to temptation. Around this time of the year, several emails that say they have crazy “Doorbuster Deals” will be sent just about every hour from all retailers. Either unsubscribe or delete them from your inbox.
Remember, this is the time of the year when everyone is selling just about everything because we consumers are in shopping mode.
Give Handmade Gifts
Nothing says I care about you like giving someone something you made by hand. It could be a picture collage of all your memories together, a handmade greeting card, something you sewed or knitted, or something handmade by someone else from sites like Etsy.
Make A Deal With Family and Friends Not To Buy Gifts
We have been through a lot this year and many people are struggling financially. You would be surprised at the number of groups who have made the decision that this year will be about the company we keep and not about gifts. Some families have decided that making a trip together at Christmas IS their Christmas gift to each other.
Let your Christmas celebration be about being together over a good meal and not about what you bought each other. You will have just as much fun, maybe more, because the stress of wondering whether your receiver is going to like the gift you bought them is removed and you are just enjoying each other. This article from the Atlantic has some great ideas for a non-gifting Christmas with examples of families and friends who have chosen this route.
Buy Gifts Only For The Kids
Many Christmas celebrations will have gifts for the children and none for the adults. The goal is to really enjoy the time spent with loved ones, watching holiday movies or baking for instance, without the stress of budgeting and shopping for gifts. With the pressure of decorating, cooking, and making sure the house is spotless for company, many hosts already have their hands full during the holidays, so knowing you only have the kids in the family to buy for cuts way down on holiday stress.
Come Up with New Rituals to Replace Gift Giving
In this article from Dusty Old Thing, Many Families Are Opting out Of Christmas gifts this year, it is noted that in place of the time-consuming gift-giving ritual, many families are coming up with new traditions all their own. Some play cards or other games, go caroling, do crafts, or bake cookies, while others have revised rules of gift-giving (like only re-gifting and heirlooms).
Whatever the reason you choose not to break the bank spending money on Christmas this year, or going into debt, the end result is less stress, less money spent, and less waste. And, this is music to many ears.
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